Abstract
Overview
Introduction
A comprehensive guide to the UK commercial motor insurance market, analyzing
trends in market performance based on premium income and profitability.
Scope
- Analysis of the main factors influencing market size and profitability in
the commercial motor market
- Analysis of the major competitive issues shaping the market, supported by
interviews with senior industry executives and data from secondary sources
- Detailed market forecasts based on industry interviews and Datamonitor' s
in-house expertise
Highlights
The market' s decline in 2006 was primarily the result of lower premium rates
in both of the main segments of the commercial motor insurance market. Both
commercial vehicle and fleet experienced a soft market and sustained high
levels of competition in 2006, which kept premium rates declining throughout
the year.
New company car registrations declined by 3.3% in 2006. As company cars make
up a large portion of the commercial vehicle market , this is unwelcome news
for many insurers, particularly those in the fleet market, who will no longer
be able to rely upon a fast growing car parc to make up for the reductions
they have put through on premium rates.
National brokers saw their distribution share decline, while chain brokers and
telebrokers increased their share of commercial insurance distribution. This
has occurred as a result of consolidation, as the growth of broker networks
and chains have concentrated business in the hands of players like Towergate,
Cobra and large regional players.
Reasons to Purchase
- Benchmark your company against your competitors using data on current and
past performances in the market
- Develop your future business plans with the help of Datamonitor' s market
forecasts
- Understand the trends behind SMEs insurance purchasing behavior, to better
target this market segment
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